Hey everyone, Vinay Lakhani here with RE/MAX Realtron. Welcome to an edition of my market report where I will be summarizing the sales figures for Vaughan for the month of January. Let's get right into it.

The sales for Vaughan in January were down just over 42%. We had 133 sales compared to last year's 233 sales. Last month we had 382 new listings which is up above 3% from last year where we only had 370 new listings in January. The average selling price in Vaughan for January for all home types 1,320,000 down 11% from 1,504,000.

Let's have a look at our months of inventory and see how we're doing. We get our months of inventory by dividing the sales into the active listings. Remember below 4 months is a seller's market, above 6 months, buyer's market. Anywhere between balance, we're sitting at 2.87 months of inventory and that's down from 3.1 months in December of 2022. Finally one look at our days on market or average days on market January was 29 days on market, which is the same from December of last year.

The number of January sales and overall average selling price were similar to that of December on a year-over-year basis both sales and prices were down continue to highlight the impact of the higher borrowing costs on affordability. So home sales and selling prices appear to have found some support in recent months. This coupled with the bank of Canada's announcement that interest rates are likely to hold for the foreseeable future will definitely prompt some buyers to move off the sidelines in the coming months and enter into the market. Record population growth and tight liberal market conditions will continue to support the housing demand moving forward.

So we all know home prices declined over the last year as home buyers sought to mitigate the impact of sustainably higher borrowing costs. Even though short-term borrowing costs increase again in January, what we're seeing is the 5 year fixed rates have actually started to trend lower compared to the end of what we saw in 2022. Economists predict that this trend will continue further helping affordability as we move through 2023 and is anticipated that the latter half of the year will be a very busy one. So if you're a seller maybe sitting on the sidelines right now, it might be a good idea to consider beating the competition and making a head start to the finish line. Whether you're thinking of moving in the near future or not, give me a call and let's chat about what these numbers mean for you and the value of your home.

Whether you're thinking of moving in the near future or not, give me a call. Let's try to about what these numbers mean for you and the value of your home.

Thank you for tuning in to this month's Vaughan market report. And remember that now more so than ever who you work with, makes all the difference. Don't forget to follow me on Instagram @vinaylakhani_, and on Facebook Team Vinay Lakhani. If you found this information useful, please share it with your friends and family and make sure you hit that subscribe button. Until next time, ciao for now.